What is globalisation? tell me its effect
Advantages;;Goods and people are transported with ease and speed
the possibility of war between the developed countries decreases
free trade between countries increases
Tom G. Palmer of Cato Institute defines "globalization" as "the diminution or elimination of state-enforced restrictions on exchanges across borders and the increasingly integrated and complex global system of production and exchange that has emerged as a result."
Effects of globalization:
Globalization has various aspects which affect the world in several different ways such ...more
The term broadly refers to the worldwide changes that are taking place to remove national boundaries from the financing, production, sale and distribution of goods and services. Transnational corporations that see the world as a single market have facilitated the process. Another way to think of this process is the global supply and value chain. For example, fashion garments are designed in Sydney. Orders for materials are sent to China where the material is manufactured. The materials are exported to Fiji, where the fashion garments are sown and finished. They are then imported to Sydney and distributed to stores for sale. These global supply chains are globalisation in action.
It is important to note that globalisation not only refers to the actual movement of trade but also to the capacity and the potential to move across the borders of nations, investment, technolo ...more